Millions of Nationwide Building Society customers are set to see their savings returns diminish next month, as the mutual confirms significant rate cuts across a wide range of accounts.
Widespread Rate Reductions Announced
The lender, which has a major branch presence in Birmingham and across the UK, has announced it will lower interest rates on 36 different savings and ISA products. The decision follows the latest monetary policy announcement from the Bank of England. The reductions, which come into effect next month, will see rates fall by between 0.10% and 0.25%.
The changes cast a wide net, affecting products designed for all types of savers. From accounts aimed at helping first-time buyers to those for children, the cuts are comprehensive. Among the products facing lower returns are the popular Help to Buy ISA, Regular Savings Accounts, and the Continue to Save product. Children's savings vehicles, including the Child Trust Fund and Smart Junior ISA, are also on the list.
Full List of Impacted Accounts
The breadth of the changes is substantial, touching almost every corner of Nationwide's savings portfolio. The affected accounts include:
- Help to Buy ISA (Rate cut: 2.5% to 2.25%)
- Continue to Save (1.75% to 1.5%)
- Child Trust Fund / Smart Junior ISA (3.05% to 2.8%)
- Branch Future Saver / Future Saver (3.05% to 2.8%)
- One Year Triple Access Online Saver / ISA (3.5% to 3.3%)
- Branch Triple Access Saver / ISA (1.55% to 1.3%)
- Reward Single Access ISA / Saver (3.05% to 2.8%)
- Limited Access Saver and Online Saver (1.5% to 1.25%)
- Flex Instant Saver – Issues 2 to 6 (2.5% to 2.3%)
- Branch Reward Saver / ISA (3% to 2.75%)
- Branch Instant Access Saver – Issue 10 & 15 (1.45% to 1.25%)
- Branch Flex Saver / ISA (1.25%-1.45% to 1.15%-1.25%)
- Branch Easy Access / Instant Access (1.1%-1.35% to 1.10%-1.20%)
Accounts Spared from the Cuts
While the cuts are extensive, Nationwide has confirmed a handful of products will see no change to their current rates. These include the FlexOne Saver, Flex Regular Saver, Smart Instant Access & SmartSaver, Smart Limited Access, and all Start to Save products. Customers with these accounts can, for now, expect their interest payments to remain unchanged.
The move by one of the UK's largest building societies is a significant blow to savers who have already endured a long period of low returns. It underscores how changes in the central bank's policy can quickly filter down to impact household finances directly. Customers are advised to check their specific account terms and review their savings strategy in light of these reductions.
